Blue Sky transfers 100% ownership to employees

Blue Sky Financial Planning Ltd, a Dorset Chamber premier business partner, is pleased to announce that, as of the end of its financial year December 2022, 100% of its shareholding has been transferred to an Employee Ownership Trust (EOT) for the benefit of employees.

The EOT legislation was introduced in the UK in 2014 and was established to encourage more shareholders to establish a corporate structure similar to the John Lewis model. The aim is to facilitate wider employee ownership but less than 2,000 companies have embraced an EOT across all sectors since the legislation was introduced. However, numbers are growing rapidly and Blue Sky is delighted to be amongst them.

Blue Sky’s eligible employees now indirectly own 100% of the business and collectively, are beneficiaries of the trust, receiving financial benefits that ordinarily would be given to shareholders.

Gary Neild, the founder and CEO of Blue Sky said: “It seemed poignant in our twentieth year of development to make such a progressive and dynamic change. Myself and the team are delighted.”

What was the rationale for choosing an EOT?

As part of his diligence, Gary spoke to a number of potential suitors who were interested in buying the company but the exercise, over a three to four year period, merely reinforced to him what he always believed. Gary said: “Any succession plan had to protect our legacy and continue to support our ethos and culture. It had to provide continuity for both clients and the Blue Sky team.

“It’s always been a privilege to look after clients’ money but our approach is so much more than just looking after assets. We are financial planners. We are coaches, mentors and educators. Our approach is very much focused on enabling our clients to live the most fulfilling life possible. To enjoy their money whilst they have good health, in the knowledge they will never run out of money.”

Why transfer 100%?

Consideration was given to a partial transfer of ownership, but it was felt by Gary that if there was conviction for engaging with an EOT, then why not embrace the concept in its entirety.

Gary has committed to another five years as CEO but has already engaged the services of an experienced chief operation officer and a new financial planner in the first couple of weeks of 2023. Progress indeed with really exciting times ahead. www.blueskyfp.co.uk

Routes to Roots, a local charity dedicated to supporting rough sleepers, vulnerably housed and newly housed – formerly homeless –adults in Poole, has served more than 4,540 meals to those in need since the Genesis Centre on Hill Street opened its doors in March last year.

The charity acquired a Baptist church, now known as the Genesis Centre, in 2020, using a £150,000 interest-free loan given by Talbot Village Trust, a grant-giving charity that supports worthy causes across south east Dorset, and is only repayable if the building is sold. Two subsequent grants from the trust, totalling £60,000, enabled Routes to Roots to complete the first phase of the centre’s renovations ahead of the opening last year.

Kate Mellor, chair of trustees at Routes to Roots, said: “Routes to Roots is very grateful to the Talbot Village Trust for its support in getting the Genesis Centre up and running. Without the trust’s funding, we would have really struggled. The impact on homelessness services in Poole has been immensely beneficial due to the trust’s help. We hope that the building’s use will grow over time as other services come into the building to benefit local people who are struggling.”

Nicholas Ashley-Cooper, chairman of Talbot Village Trust, said: “As the only support for the vulnerably housed and homeless people in Poole, we felt it was imperative to support Routes to Roots with the refurbishment of the centre to help the charity to provide fundamental care to those who need it most. The charity has shown immense dedication to its cause since 2002. Not only does this service help hundreds of people directly, but the wider community has also been able to benefit through volunteering opportunities. Raising awareness of the charity is crucial so that the local community can appropriately direct those in need to a safe place for care and support.” www.talbotvillagetrust.org